SUNRISE RESOURCES PLC Placing to raise £600,000

SUNRISE RESOURCES PLC Placing to raise £600,000

 

Sunrise Resources plc, the AIM-quoted diversified mineral exploration and development specialist is pleased to announce that it has raised £600,000 by way of a placing of 50,000,000 new ordinary shares at 1.2 pence per share. 

The Placing, which was oversubscribed, was completed by Northland Capital Partners, as Nomad and Broker to the Company, under existing Company authorities.

The Company intends to use the funds for the continued development of its exploration projects and for general working capital purposes. In particular, the funds will be applied to further feasibility studies for development of the Derryginagh barite project - where high grade drill intersections were recently announced - and to drill test and sample the Cue kimberlites in Western Australia where diamond grade and quality evaluation is a priority.

Patrick Cheetham, Chairman of the Company, commented today: "This placing gives the Company the confidence to accelerate its project work and to consider value-adding and complementary project acquisitions. I am pleased that we have received such good support from investors".

Application will be made for the 50,000,000 new ordinary shares to be admitted to trading on AIM. It is anticipated that such trading will commence on 23 February 2012. Following the admission to trading of the 50,000,000 new ordinary shares there will be 362,738,905 ordinary shares in issue. This figure may as used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

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